The Chase Sapphire Reserve card has some new benefits coming soon – but they’ll be accompanied by a higher annual fee.
But changes are coming. Most notably, the $450 annual fee will jump to $550. As originally reported by The Points Guy, this increase will go into effect for new cardholders beginning Jan. 12, 2020. Applicants who are approved before January 12 can still snag the old rate.
For existing cardmembers, the $550 annual fee will be implemented Apr. 1, 2020.
Other upcoming changes
In addition to this fee boost, Chase is adding several new benefits to the Reserve card on Jan. 12, 2020. Here’s a quick look at what’s coming:
- One free year of Lyft Pink membership
- New 10 points per dollar rate on Lyft purchases (through March 2022)
- Up to $120 in DoorDash credits ($60 in 2020 and $60 in 2021)
- One free year of DashPass membership
If you frequent rideshares and like to order in for dinner, these new benefits offer plenty of value. Lyft Pink, typically $19.99 per month, saves you 15% on all rides and offers more flexibility in ride cancellations. DashPass ($9.99 a month for most members) comes with reduced service fees and no delivery fees, saving members around $5 per order.
All in all, it is easy to see why Chase is boosting the annual fee alongside these new perks.
Is the Chase Sapphire Reserve still worth it?
The Chase Sapphire Reserve already carried a hefty price tag, so a $100 boost to the annual fee shouldn’t be taken lightly. If you are considering applying for the card – or if you have one already – you should take a close look at these new perks to decide if they offer enough value to make up for the increased fee.
See related: How to upgrade a Chase card
Ted Rossman, industry analyst for CreditCards.com, thinks most current customers will want to stick around.
“While a $550 annual fee is steep, this is an extremely popular card, and I think most cardholders will stick with it. Between the $300 annual travel credit, free airport lounge access, the up to $100 Global Entry/TSA PreCheck credit every four years and the Lyft and DoorDash perks – plus the generous sign-up bonus, travel insurance and other benefits – there’s a lot to like,” said Rossman.
With dining and rideshare benefits already popular on travel cards, we expect many cardholders can still get enough value out of the card to justify the new $550 fee.